today, tokio marine life insurance held a pre-launch of her flapship product, the enhanced tm legacy plus (lp) for us, the fa channel at ntuc business centre. the official launch date for the enhanced tm legacy plus (lp) is october 14, 2011.
to recap, in terms of the whole life mpv (minimum protection value) products, there are currently only 5 providers namely:
a. aviva
b. axa life
c. manulife
d. ntuc-income and
e. tokio marine life insurance
there used to be another provider, uob life but the latter has been acquired by prudential assurance in february 2010 and their mpv product, uob maxi-secure is no longer available.
my comments:
how is mpv distinct from the conventional whole life products?
whole life mpv products offer a protection booster for a specified period which is usually till the life assured's 65th birthday. after this, the life assured is covered for the basic sum assured (plus bonuses) for the rest of his/her life until the maturity of the plan or earlier, if a claim has been admitted and paid.
what are the strengths of tm legacy plus (lp)?
1. tm legacy plus (lp) is the only mpv plan that provides the protection booster till the life assured's 70th birthday.
2. there are more choices in multiple premium terms of 5/10/15/20/25 years or up to ages 55, 60 or 65 years.
3. the tpd limit has been raised to $2.5 million (within tokio marine life insurance and not aggregated across other insurers) and is one of the highest in the industry.
4. the removal of the exclusion for congenital abnormalities which is specified as:
"any congenital or inherited disorder whic first manifested itself before the life assured's 7th birtdday."
most whole life products with 30 ci benefit would carry an exclusion for any congenital or inherited disorders till a specified age.
5. tokio marine life insurance's unmatched record of par funds, meaning the company has not cut bonuses since the company came into being in 1948.
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